You have a Great Business Idea?

Have you ever come up with a business idea and wondered if it could be the next great thing? Here's how to tell if it might be.

Starting a business takes time and energy, and one must undergo periods of extended self-reflection to find a business idea that's both realistic and viable.

How to come up with a great business idea

Start by analyzing yourself and your strengths. What interests you? What are you naturally good at? 

• What are you good at? If you're the go-to person for certain chores or tasks, this might be a golden opportunity to turn that skill or talent into a business. However, it's important to choose something you are passionate about and can see yourself doing day in, day out.
  
  
• What do others tell you that you're good at? Maybe you have a hidden talent that others see in you that you never thought of as a big deal. If this is the case and that skill is something you could see yourself doing more of, it could be a great business idea. Talk with your family and friends, and see what they think.
  
  
• What service do you wish existed that currently doesn't? This happens all the time. You search the app store looking for something specific, thinking that it certainly exists, only to find it doesn't. This is your chance. You could pair up with an app designer or create an app yourself that could benefit people like you all over the world. Another way to think about it is what problem exists that needs a solution? Some of the most successful businesses are ones with products or services that solve problems for others.

Helpful sources to spark new ideas

Sometimes you need a source of inspiration to spur that lightbulb moment. Try and find inspiration in the world around you. Here are four places to look for inspiration: 

• Study successful entrepreneurs. It's hard to know where you're going if you don't know where the great entrepreneurs before you have been. Read origin stories and study successful business titans. How did they come up with their business idea? What advice do they have to up-and-coming entrepreneurs? Learn all you can before you embark on your own journey. 

• Use your smartphone. If you know you want to create an app, but you're not sure exactly what you want to create, search through the app store. Search categories of interest. Do you notice whether anything is missing or how apps in that category could be improved? 

• Can you find similar products or services using search engines? The internet is incredibly helpful when it comes to finding products and services that you are in the market for. But have you ever searched and searched for something, and not been able to find it? That should be a tipoff of a potential opening in the market that should you act on.
  
  
• Turn to social media. People on social media are often quick to identify issues and problems they have with current products, places, processes, etc., but few take the time to come up with a solution. Reading through people's grievances can give you great insight into problems other people have that you can solve. Online review sites can offer the same.

How to determine if you have a good business idea 

Sometimes inspiration isn't the problem, it's determining whether you actually have a good idea or not. It's important to be critical of your idea and ask for feedback from as many people as possible. Several experts weighed in on other strategies to help you determine if you have an effective business idea.